Rules post dating bank checks, post-dated cheque
Post-dated cheques are common and enforceable. That means the bank must wait to cash the payment until the date stated on the paper or until six months is up, whichever comes first. If, after reasonable notification, the bank makes payment before the pay date on the check, it could be held liable for losses occurring due to its actions. With that in mind, let's take a look at the current regulations governing post-dated checks given to creditors, collection agencies and banks. Try again later Consumer Support.
In some states, if a consumer gives the financial institution reasonably timed written notice about a postdated check before the check is received, then the notice is valid for up to six months. Depositing or threatening to deposit any postdated check or other postdated payment instrument prior to the date on the check or instrument. Well, if you're paying a creditor on an ongoing basis and you issue a postdated check, you could possibly be considered to be passing a fraudulent check.
Does Postdating A Check Prevent Anyone From Depositing It Early?
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When does a postdated check fall under the scope of bad-check laws? She says that many people who end up falling into predatory lending traps like payday loans have also used postdated checks to try to stave off debt collectors. The post-dated cheque is not payable till the date which is shown on the face of the said document. Additionally, dating imperial furniture the only time a bank can be held liable for processing a postdated check before the indicated date is if that notice is still valid.
This article originally appeared on Consumerist. All email addresses you provide will be used just for sending this story. Asking for a postdated check or other postdated payment instrument for the purpose of threatening or instituting criminal prosecution.